$20 Saint Gaudens

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$20 Saint Gaudens

Gold Content – 0.9675 oz.

Gross Weight – 33.436 g

Composition – 90% gold, 10% copper

Coin Diameter – 34 mm

Thickness – 2.41 mm

Mint Dates – 1907-16; 1920-33

Description

Details

OverviewThe Saint Gaudens gold coin is named for its designer, American sculptor Augustus Saint-Gaudens. Among coin collectors, it is often known as the “$20 Saint” or the “$20 St. Gaudens.”This $20 gold coin is the last-issued circulating U.S. gold coin and thought to be one of the most beautiful and rare.

DesignPresident Teddy Roosevelt engaged his friend and prominent American sculptor Augustus Saint-Gaudens, to design new $20 and $10 gold coins to improve the artistic quality of American coinage.The obverse (front) shows Lady Liberty holding a staff and olive branch, walking out of the sun. “LIBERTY” arcs above her, and stars representing the number of states (46, 1907-11; 48, 1912-33) hug the rim. This design was so popular that the United States Mint used the same design for the modern American Eagle coins. To the right of “LIBERTY” is the date, which was cut in Roman numerals, “MCMVII,” on some 1907 coins.The reverse of the $20 Saint Gaudens has a bald eagle flying across the sun. “UNITED STATES OF AMERICA” and “TWENTY DOLLARS” span coin’s top. “IN GOD WE TRUST” is beneath the eagle, except for some coins minted in 1907 and early 1908.The first $20 Saint Gaudens were controversial because they omitted “In God We Trust,” in contrast to other U.S. gold coins minted in this period. President Roosevelt felt the motto disrespectful to God as the coins could be used in such places as bars, brothels and gambling establishments. But Congress interpreted Roosevelt’s decision as an attack on religion and passed an act adding the motto in mid-1908.

MintingThe first $20 Saint Gaudens were a trial, never intended for circulation. Only 16-22 of these were minted. Each was relatively thick and struck in ultra-high relief, looking more like a medal than a coin. These experimental pieces had a much higher relief than later issues and connected directly to the edge without a border, resulting in a very sharp appearance. Only a few of these coins are available today. Later in 1907 through 1933, they were struck in flat relief.

Augusta does not provide legal, tax, or investment advice. The Augusta® Depository Gold IRA is a self-directed IRA containing physical precious metals administered by a third-party custodian and stored in a non-government depository storage facility where investors can make an appointment to see their precious metals. The Augusta® Home Delivery Gold IRA is a self-directed physical precious metals IRA delivered to your home. Some investors choose to store IRS-approved American Eagle gold or silver in an IRA in their homes. However, it is wiser to store all metals in a safe deposit box at a U.S. bank. If investors sidestep rules or mishandle account assets (e.g., setting up the IRA improperly, engaging in a prohibited transaction, such as withdrawing metals before retirement to use for any other purpose, etc.), or if it is determined that home delivery or home or bank safe deposit box storage are not permitted by the IRS, the investor could lose tax-exempt status and have to pay taxes and penalties. There is no clear IRS guidance on the legality of the home delivery IRA structure or home or safe deposit box storage, and the IRS is under no obligation to issue guidance on whether home or bank safe deposit storage satisfies IRS requirements and may, at any time, audit an IRA, declare that home or bank safe deposit box storage does not satisfy IRS requirements, and impose taxes and penalties on the IRA owner. It is important to consult your own legal and financial advisors before opening a home delivery IRA from Augusta, and then work with your advisors to decide where to store your precious metals. As with any investment, past performance might not predict future returns. The price of precious metals fluctuates over time and investors might lose money.

Michael Dallo, CPA, JD, LL.M. is a tax attorney and certified public accountant (CPA) of Dallo Law Group, a Professional Corporation. For over 10 years, Michael has zealously represented hundreds of clients in resolving tax disputes with the Internal Revenue Service and California taxing agencies, as well as developing sound tax positions and arguments to minimize their federal and state tax liability.